NEX (NEX)

Overview

NEX is a platform for complex decentralized cryptographic trade and payment service creation.

Project stage

Only a whitepaper

Detailed description

Neon Exchange (NEX) aims to combine the performance of centralized exchanges with the trust and security properties of decentralized exchanges. The system consists of three main components: an off-chain trade matching engine, a smart contract where trades are executed, and a payment service where global assets such as NEO and GAS can be converted to tokens that can be transfered directly by smart contracts, making them compatible with the exchange.

NEX combines the NEO blockchain with an off-chain matching engine to enable complex trades. The NEX payment service enables third-party smart contracts on NEO to send and receive global assets such as NEO and GAS as part of their computation. NEX handles complex order types that aren’t currently available on other decentralized exchanges such as market and limit orders.

Problem

Recently, decentralized exchanges have emerged to allow users to trade without giving up control of their funds. Under these systems, trades are executed by smart contracts on a blockchain, removing the need for a centralized third-party to control user accounts. While these exchanges succeed at their primary goal of decreasing third-party risk, their success comes at the cost of a huge loss of trading performance. Smart contracts are far too slow to execute the complex matching logic of order books on high-volume, centralized exchanges. In practice, this means that users cannot execute complex trades, and presents opportunities for arbitrage on stale orders.

Decentralized exchanges also tend to have problems trading cryptocurrencies across chains or against national currencies. This is because smart contracts operating on one chain have no means of reasoning about transactions on another. While mechanisms such as atomic swaps have been proposed to allow a DEX to trade assets between independent chains (for example, trading Bitcoin for Ethereum), none of these mechanisms have achieved widespread use. Today, users who want to trade currencies across chains or against national currencies must use centralized exchanges.

Solution

Exchange is a key component and enabler of a broader ecosystem of decentralized applications. By creating the first high performance API for decentralized cross-chain exchange, NEX enables many new possibilities for and interactions with such applications. For example, if a website takes payment in GAS and a user holds only ETH in their wallet, NEX will allow the user to convert some portion of their holdings and send it to the website, directly from their existing address. Further, this interaction can occur seamlessly in a user’s browser. The user simply clicks a button on the website: this opens a pre-populated transaction window that will make the necessary conversion then send the transaction. To support such an ecosystem, we have developed a cross-chain browser extension that allows websites to communicate with user accounts and the NEX matching engine.;

Neon Exchange (NEX) is a new decentralized exchange that embodies these ideas. This white paper presents our vision for the NEX platform, the performance benefits of our technical approach, and how NEX will shape the broader cryptocurrency ecosystem. We also discuss our roadmap over the coming months and plans for a public token sale.

Additional links

Token details

Token symbol
? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. :NEX

Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 25,000,000 USD

Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :NEO (SAR)

Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA

Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Security token

Total supply ? Total supply — a total amount of tokens that will be released by the developers. :50,000,000 NEX

Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No

Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :25,000,000 NEX

Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed

Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No

Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA

Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :GAS, NEO,

Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :Algeria, Bolivia, Cote d'Ivoire, Cuba, Ecuador, Indonesia, Iran, Kyrgyzstan, Lebanon, Morocco, Myanmar, Namibia, Nepal, North Korea, Pakistan, Syria, USA, Vietnam,

Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes

Advisors

Muzzammil Zaveri

KPCB

Da Hongfei

Onchain CEO, NEO Council

Erik Zhang

Onchain CTO, NEO Council

Roadmap

12 Mar 2018

NEX opens registration for the token sale lotteries

In the first round, we will conduct lotteries among all registered users to select participants for the token sale. The first lottery draw, will select up to 25,000 participants to contribute up to $1,000 each. A second lottery draw will select participants from the remaining users to fill any gaps left by participants who failed to register or wished to contribute under the maximum individual limit.

30 Mar 2018

Lottery registration closes

8 Apr 2018

First round KYC closes for winners of the first lottery draw

Any unregistered spots from the first lottery will be filled through a second lottery draw and those winners will be announced

All winners will be required to go through our second round KYC process

14 Apr 2018

First KYC closes for winners of the second lottery draw

14-20 Apr 2018

A manual review of accounts we deem necessary. We will not accept email requests for manual reviews

21-30 Apr 2018

Second round of KYC begins for lottery winners who passed KYC round 1 and opted to participate in the second portion of the ICO.

June TBA

The NEX token sale begins

Activity

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